How to Know if You Have The Mindset of A Successful Small Business Owner

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successful small business ownerDo you have the mindset of a successful small business owner? The statistics often paint a gloomy picture of small business success.  Does it necessarily mean that has to be your reality?  No, It does not!  There are essential considerations that need to be given attention so as to change the picture and change the results so you become a successful business
owner.

Small Business Statistics in the United States  

  • According to the US Small Business Association, there are 28.8 million small businesses in the United States. A small business in defined as one that has less than 500 employees, hence, the number could be even larger as not all micro businesses may have completed the proper registration channels.
  • Firms with fewer than 100 employees have the largest share of small business employment
  • Over 22 million small businesses are self employed with no additional payroll or employees (these are called nonemployers)
  • Approximately 543,000 new businesses get started each month (but more employer businesses shut down than start up each month)
  • Approximately 75% of all U.S. businesses are nonemployer businesses
  • About two-thirds of business survive 2 years in business, half of all businesses will survive 5 years, and one-third will survive 10. These findings are from The Bureau of Labor and Statistics.
  • One of the biggest causes of small business failure is lack of financing.

Without discounting the value of the above research and results, another significant area that must be given attention is the small business owner’s mindset.

The Mindset of a Successful Small Business Owner

Keep in mind that if you’re a Sole Proprietor, Entrepreneur, or in a Partnership, you’re considered a small business owner. Whether you’re planning to be a full-time Internet Marketer, or you’re taking your offline business online, for greater visibility, you’re a small business owner.  In each area, you will face challenges and opportunities. 

successful small business owners

Your mindset is going to make a huge difference in the level of success you achieve.  Michael Gerber, in his book The E-Myth Revisited, makes a distinction that many business owners have come to appreciate. It’s the difference between working on your business and working in your business.  The difference will be evident in your results, and they start with your mindset.  Are you the CEO of your business or are you the Technician who has to do everything in your business?

Before deciding to start a business, think about the qualities you possess, what makes you tick, and how that might help you become a more successful business owner.  To determine your abilities and mindset, below are five questions to ask yourself:

  • Am I a self-starter?  When you have your own business, there’s no boss or manager to tell you what to do and when to do it.  To get your business off and running you’ll have to motivate yourself to get things started.

  • Have I established business goals?  ?  Setting goals is an important part of any business plan.  But setting a goal is only part of the picture.  Achieving goals is even more important. Learn how to identify which goals are important enough to commit to, and systematically work towards them by breaking them down into steps, establishing timelines, identifying resources needed, and set benchmarks for success.

  • Do I really have a money-making idea?  Not all great ideas make money.  A good business idea addresses a problem, need or pain that a particular group of people or companies face.  The problem must be significant enough to warrant spending money to solve or alleviate.  Before bringing a new product or service to market, test your ideas and make sure they’re profitable.
  • Will I be doing work that is meaningful and really interests and excites me? When you’re engaged in doing something rewarding it helps to motivate you to keep going even when things get tough.  Start by getting back in touch with your values and see if there is a synergy between them and the things you will be doing in your business.  If not, see how you can spin things so that there is.
  • Do I enjoy challenges?   Businesses provide constant challenges.  If you enjoy a good challenge, it will energize you.  If you don’t, you may end up feeling as though you’re engaged in a constant uphill battle.

This realistic personal inventory will help you to determine if you have the mindset of a  successful small business owner. If you were not able to answer all questions in a positive way, all is not lost.  It does not mean that you will not succeed as a small business owner.  It probably means that you have some more work to do first before you launch your business. 

You will often find that a coach or mentor is equipped to assist you shorten the learning curve to develop the mindset of a small business owner.  Take consistent action to
develop the mindset of a successful business owner.

Do you have questions on how to develop the mindset of a successful small business owner? I’m happy to answer your questions in a complimentary Strategy Session via http://YvonneAJones.com/contact-me.

 

 


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